Wednesday, February 13, 2013

High-Speed Trader Reveals 82% Dive in Profits

From Fox: Offering a rare glimpse inside the world of high-speed trading, Getco disclosed an 82% plunge in earnings on Wednesday through the first three quarters of 2012 amid tumbling trading volume and greater competition.

The results offered from the privately held Chicago company come ahead of its pending takeover of Knight Capital Group (KCG), which the two sides anticipate will be completed in the second quarter.

According to a Securities and Exchange Commission filing, Getco generated $24.6 million in net income during the first three months of 2012, down from $134.8 million the year before.  Revenue tumbled 40.8% to $425.3 million, largely due to a decrease in trading revenue to $413.6 million from $722.2 million….

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